Further to the Company's press release dated November 29, 2001, the Company is pleased to announce that it has completed a $3 million private placement, with two (2) placees, consisting of 3,529,412 units of the Company at a price of $0.85 per unit. Each unit consists of one (1) common share and one-half (1/2) of a non-transferable share purchase warrant. One (1) warrant and $1.00 entitles the placee to acquire one (1) additional common share of the Company for a period of two (2) years.

In connection with the private placement the Company paid a finder's fee to Encanto Worldwide Limited by the cash payment of $75,000 and the issuance of 150,000 non-transferable share purchase warrants. One (1) warrant and $1.00 entitles Encanto Worldwide Limited to acquire one (1) additional common share of the Company for a period of two (2) years.

All of the securities are subject to the British Columbia Securities Act twelve (12) month hold period ending April 16, 2003 and the TSX Venture Exchange's four (4) month hold period ending August 15, 2002.

With respect to the Company's convertible debenture, the Company advises that they have received $1,539,202 of the $2,000,000 debenture payment to date. The Company expects to receive the balance of the $2,000,000 debenture payment over the next 1 to 1 _ months. The Company will issue a press release upon closing the convertible debenture.

In accordance with section 111 of the B.C. Securities Act, the Company announces that Optic Web Investment Inc. ("Optic Web") (a private company beneficially owned by H.M. Hong, C.Y. Hung and C.T. Hong each as to a 30% interest and M.Y. Hong as to a 10% interest) acquired 2,647,059 units of the Company pursuant to the foregoing private placement. As a result of the transaction, Optic Web currently beneficially holds 9.2% of the issued and outstanding common shares of the Company and will hold 13.2% of the Company if Optic Web exercises all of the warrants that it holds. Optic Web does not own or have control over any other securities of the Company, either on his own or together with any joint actors.

The Company has been advised that Optic Web acquired the securities for investment purposes only, that its intention is to evaluate the investment and to increase or decrease its holdings as circumstances unfold, and that Optic Web was not acting together with any joint actors to increase the beneficial ownership of, or control or direction over, any of the securities of the Company. A report respecting this acquisition will be filed with the B.C. Securities Commission and the Alberta Securities Commission pursuant to section 111 of the B.C. Securities Act. A copy of the report may be obtained by contacting the Company.

Toronto-based Inter-Citic Mineral Technologies Inc. is an investment opportunity company investing selectively in the People's Republic of China. The Company has strategic partnerships with several large financially strong and established groups in China to facilitate investment and other business activities in China for both Western and Chinese partners.

Inter-Citic's shares trade on the TSX Venture Exchange under the symbol ICI.

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FOR FURTHER INFORMATION PLEASE CONTACT:

James J. Moore, President & CEO Frank K. C. Chen, Director of Corporate Development Inter-Citic Mineral Technologies Inc. (invest@inter-citic.com) (416) 363-5055

Jon W. Kieran, Investor Relations Hume, Kieran Inc. (jon@humekieran.com) (416) 868-1079

If you would prefer to receive press releases via email, please advise Brenda Orser at brenda@humekieran.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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